What are the top 10 oil producing countries?

In 2012, the International Energy Agency revealed that more than 64 percent of the world’s oil production came from the top ten of countries producing oil. This means that a lot of the oil we use, whether it is greasing machinery or powering our vehicles, comes from a small number of places.

The top oil producing countries in 2015 were as follows:

Russia

The 2015 figures show that Russia produced 10.83 million barrels of oil per day that year – 14.05 percent of the world’s total. The country is home to the world’s eighth largest oil reserves, and is also the biggest exporter of natural gas in the world. In addition, it is home to the second largest coal reserves, making it one of the most important countries in the world in terms of energy suppliers. Most of Russia’s refined oil products are sold to the European market, which would struggle to meet all of their energy needs if their Russian supply was cut off for any reason.

Despite the vast amount of oil in the country, it is believed that the oil industry there is in need of huge investment.

Saudi Arabia

Saudi Arabia produced roughly 9,693,200 barrels of oil per day in 2015, representing 13.09 percent of the total. Oil was first found in commercial amounts back in 1938 in what is modern day Dhahran at Dammam oil well number seven. This discovery came after a long search for oil, which started in 1922 when King Abdulaziz heard rumours about oil seeps in the Persian Gulf Region.

The country is currently home to the second largest oil reserves in the world, with around 268 billion barrels just waiting to be tapped.

United States

According to 2015 data, the United States produces roughly 9,020,000 barrels of oil per day, which equated to 12.32 percent of total oil production globally. The petroleum industry in this area has been a huge source of income for the country since an oil discovery was made in Titusville, Pennsylvania’s Owl Creek back in 1859. The country’s oil is produced by some of the best known oil corporations in the world, including Exxon Mobil, Shell Oil, Anadarko Petroleum and Occidental Petroleum.

China

The impact of the oil industry in China has been increasing worldwide, and is predicted to overtake the United States as the biggest importer of crude oil in 2016. At present, the country is producing around 4,372,000 barrels per day, which means that it makes up just over 5 percent of the world’s oil production.

Canada

Canada is not one of the first places that most people would connect with the oil industry, but it is in fact one of the top ten producers in the world at present. Currently, the country produces around 3,856,000 barrels of the black stuff each day, which is equal to around 4.54 percent of the world’s total oil production.

Iraq

At number six on our list, we have Iraq. Synonymous with oil production, this country currently produces around 4.45 percent of the globe’s current oil production, pumping out around 3,800,000 barrels per day in 2015 alone. Despite being a major player in the oil industry, Iraqi oil production has slowed somewhat due to the long-lasting effects of the Iraq war and the post war crisis, which is currently still affecting the country. However, as things continue to improve, it is expected their oil industry will grow once more, eventually becoming one of the world’s three biggest oil producing countries.

Iran

In 2015, Iran produced around 3,518,000 barrels of oil per day, a total share in the world market of 4,14 percent. Production in the country was slower than it could be due to various sanctions placed upon it due to its nuclear program, which is something that also affected the country’s oil exports. However, this year some sanctions were lifted, which means that it has been able to ramp up its oil production once more, and could well move up the list by the end of the year.

United Arab Emirates

The United Arab Emirates owes a lot of its wealth to its plentiful oil reserves, and has been a major player in the oil production sector since the ’90s. At number 8 on the list, the country was able to produce 3,087,000 barrels of oil per day in 2015, giving it a 3.32 percent share of the world’s oil production.

Venezuela

Venezuela produces on average 3,023,00 barrels of oil each and every day, which is more than enough to place it amongst the top ten oil producing countries in the world at the present time. It’s share in global oil production levels stands at approximately 3.56 percent, at present, However, it is thought that the country has the biggest oil reserves in the world, which means that its level of production will no doubt rise significantly in the future, once the correct infrastructure is place, so you are likely to see much more oil being produced there in the months and years to come.

Mexico

Just making it into the list of biggest oil producers at number 10, Mexico produces, on average, 2,934,000 barrels of oil per day – 3.56 percent of global oil production in the world. Due to its fast growing economy its main competitor for tenth spot in the list, Kuwait, will have a hard time catching up and overtaking the country as a major oil producer in the world.

As you can see, we get so much of our oil from so few countries, and although the price of oil has been turbulent in the past year, to say the least, there is little sign of the countries on the list losing their status as some of the most important and highest performing oil producers in the world. However, it will be interesting to see which can hold their positions on the list, and which will move up and down, as they try to compete in an oversaturated market globally.